Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

11/8/2012 (2 years ago)

Catholic Online (www.catholic.org)

No time to rest, a global financial crisis is imminent.

President Obama faces a significant challenge once the celebrations of his reelection come to an end. Faced with a divided Congress and a history of gridlock, Obama must reckon with a looming financial crisis. Referred to as the "fiscal cliff" the crisis involves tax increases and deep cuts to important programs that he accepted in order to raise the national debt ceiling almost two years ago.

Disaster looms unless Obama changes course.

Disaster looms unless Obama changes course.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

11/8/2012 (2 years ago)

Published in Politics & Policy

Keywords: Obama, fiscal cliff, crisis, debt, taxes, cuts


WASHINGTON, DC (Catholic Online) - just as the nation is showing signs of economic recovery, a series of tax increases and spending cuts are due to arrive in January. Barring any agreement in Congress, the tax increases as well as cuts, are automatic.

The fiscal cliff as it is called involves some $600 billion which will be removed from the economy if a deal cannot be reached. The economic impact of the fiscal cliff is so significant that leaders in other countries are already working on what steps they can take to insulate their economies.

Naturally, most people around the world, and most Americans in particular, hope that a deal can be struck.

Tax increases are certainly in the offing, no matter what. President Obama has pledged new taxes of Americans earning more than $250,000 per year. In addition to new taxes, which always have a chilling effect on any economy, a number of entitlement programs, including Medicare, will see cuts.

Experts in Washington have warned the President that going over the fiscal cliff could cost 2 million American jobs.

Already, investors are pessimistic, taking steps to protect their investments should the President fail. They have reason to be pessimistic too. Despite the elections, Congress remains politically divided with Republicans controlling the House and pledging to block tax increases.

Within days, President Obama is expected to start work on the issue, meeting with key officials. Between now and January, the world will watch with bated breath as party leaders try to hammer out a solution to the debt crisis that threatens to set back the U.S. economy.

If they fail, the Great Recession could become much deeper and longer than many ever thought possible.

---


Pope Francis: end world hunger through 'Prayer and Action'


Copywriter 2015 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for June 2015
Universal:
That immigrants and refugees may find welcome and respect in the countries to which they come.
Evangelization: That the personal encounter with Jesus may arouse in many young people the desire to offer their own lives in priesthood or consecrated life.


Rosaries, Crosses, Prayer Cards and more... by Catholic Shopping .com


Comments


More Politics & Policy

Is Texas' plan to keep all its gold within the state a step towards secession? Watch

Image of A four-member task force within the Texas comptroller's office has sent an official to a precious metals conference to study up.

By Catholic Online (NEWS CONSORTIUM)

Fiercely independent, the State of Texas has decided to keep all of its gold within state borders. This translates to 5,600 gold bars worth $650 million in the Lone Star state. The decision is drawing kudos from right-wing conservative in Texas, as well as ... continue reading


THE DEVIL HAS SPOKEN - Satanic Temple declares removal of Ten Commandments at Oklahoma capitol a victory Watch

Image of A six-foot-tall granite monument of the Ten Commandments will be removed from the Oklahoma capitol in Oklahoma City. It was ruled that the monument violates the state's constitutional ban against the use of public funds or property to benefit a religion.

By Catholic Online (NEWS CONSORTIUM)

It was a deeply controversial decision - that has satisfied both a local satanic group and Baptist minister. A six-foot-tall granite monument of the Ten Commandments will be removed from the Oklahoma capitol in Oklahoma City. It was ruled that the monument ... continue reading


'Whipping post:' Donald Trump sticks to his guns on comments on illegals Watch

Image of Terrorists, Donald Trump warns, will eventually come in through the nation's shared border with Mexico, as

By Catholic Online (NEWS CONSORTIUM)

Billionaire and presidential hopeful Donald Trump is being called a racist and a bigot, to no avail. Trump is not backing down on his comments when he said that the nation of Mexico sends "people that have lots of problems, they're bringing drugs, they're ... continue reading


SCOTUS PROTECTS - Religious institutions in Pennsylvania protected from HHS mandate Watch

Image of The Pennsylvania-based religious groups are among hundreds of plaintiffs challenging the federal HHS mandate, which requires employers to offer coverage of sterilization, contraception, and some drugs that can cause early abortions.

By Matt Hadro, CNA/EWTN News

The U.S. Supreme Court has issued an order protecting a group of Pennsylvania religious institutions from being required by the federal contraception mandate to violate their faith. Washington D.C. (CNA/EWTN News) - "Doesn't our government have something better to do ... continue reading


DUMP TRUMP? NO WAY. Some brave Hispanic leaders call billionaire 'terrific' and 'brash' Watch

Image of Other presidential contenders have disregarded Trump's comments. It's seen as a setback for many Republicans, who wish to court the widely growing Hispanic population.

By Catholic Online (NEWS CONSORTIUM)

Multi-billionaire, Republican candidate for President has always been known for his outspokenness. In a speech to announce that he was throwing his hat into the ring, Trump said Mexican immigrants are "bringing drugs. They're bringing crime. They're rapists. ... continue reading


Obama declared 'amateur' and 'Marxist' by Center for Disease Control (CDC) official Watch

Image of Countless Central Americans, piling through the U.S. southern Border States along the border with Mexico has brought an influx of unvaccinated people with diseases that have since been eradicated in the U.S.

By Catholic Online (NEWS CONSORTIUM)

United States President Barack Obama's unchecked influx of unvaccinated child immigrants across the U.S. - Mexico border has an official with the centers for Disease Control denouncing him as a "Marxist" and "amateur." An email from the official called him the ... continue reading


Presidential candidate Mike Huckabee speaks out on Obama's gay pride light show and the legalization of gay marriage Watch

Image of

By Hannah Marfil (NEWS CONSORTIUM)

In celebration of the Supreme Court's gay marriage ruling, President Obama lit up the White House with rainbow colors, which garnered a response from Republican, former Arkansas governor and now presidential candidate Mike Huckabee. Huckabee was noted as saying that ... continue reading


Supreme Court 'unwrote laws of nature' GOP presidential candidate Mike Huckabee declares Watch

Image of

By Catholic Online (NEWS CONSORTIUM)

Saying that the Supreme Court tried to "unwrite the laws of nature and the laws of nature's God" when it legalized gay marriage across the nation last week, GOP presidential candidate Mike Huckabee also pointed out the fact that President Barack Obama himself ... continue reading


'They will stand behind lying Brian Williams, but won't stand behind people that tell it like it is': Donald Trump fired from NBC for controversial immigrant statements Watch

Image of Donald Trump retired from The Apprentice after announcing his presidential bid.

By Abigail James (NEWS CONSORTIUM)

NBC has made the decision to cut ties with Donald Trump, over his political view and controversial statements regarding immigration made during his presidential announcement. Donald Trump and NBC have had a relationship, including Trump's produced Miss USA and Miss ... continue reading


When is the best time to take out Social Security? Watch

Image of 100-year-old woman.

By Talia Ramos (NEWS CONSORTIUM)

Financial advisers usually advice their clients to take Social Security benefits at the age of 70 for maximum growth. However, it is found that most people don't take that advice, as they are likely to withdraw what they have saved up as soon as they hit retirement. A ... continue reading


All Politics & Policy News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Reading 1, Genesis 32:23-33
23 That same night he got up and, taking his two ... Read More

Psalm, Psalms 17:1, 2-3, 6-7, 8, 15
1 [Prayer Of David] Listen, Yahweh, to an upright ... Read More

Gospel, Matthew 9:32-38
32 They had only just left when suddenly a man was ... Read More

Saint of the Day

Saint of the Day for July 7th, 2015 Image

Bl. Ralph Milner
July 7: English martyr. He was born at Stocksteads, Hampshire, and was a ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter